His capital and resources had by this time greatly augmented, and he had risen from small beginnings to take his place among the first merchants and financiers of the country.

His genius had ever been in advance of his circumstances, prompting him to new and wide fields of enterprise beyond the scope of ordinary merchants.

With all his enterprise and resources however, he soon found the power and influence of the Michilimackinac (or Mackinaw) Company too great for him, having engrossed most of the trade within the American borders.
A plan had to be devised to enable him to enter into successful competition.

He was aware of the wish of the American government, already stated, that the fur trade within its boundaries should be in the hands of American citizens, and of the ineffectual measures it had taken to accomplish that object.

He now offered, if aided and protected by government, to turn the whole of that trade into American channels.
He was invited to unfold his plans to government, and they were warmly approved, though the executive could give no direct aid.
Thus countenanced, however, he obtained, in 1809, a charter from the legislature of the State of New York, incorporating a company under the name of "The American Fur Company," with a capital of one million of dollars, with the privilege of increasing it to two millions.